GST updates

Examples of heads of expenses that might attract GST under reverse charge basis: Purchase of: Laundry chemicals Perishables Catering supplies Kitchen requirements – cutlery, utensils, etc. Decoration artifacts Guest supplies Linen Soft drinks Other fuels Tobacco Ayurvedic medicines Consultancy charges Directors’ sitting fees Freight Charges Membership fee Pest control expenses Professional and legal charges Security[…]

GST article

Which are the commodities proposed to be kept outside the purview of GST? Article 366(12A) of the Constitution as amended by 101st Constitutional Amendment Act, 2016 defines the Goods and Services tax (GST) as a tax on supply of goods or services or both, except supply of alcoholic liquor for human consumption. So alcohol for[…]

Ways to fund SMEs

4 ways of sourcing funds for SME owners Business segment covered by SMEs in India are on growth trajectory coupled with globalization of Indian Economy. Let’s analyse the potential sources of funding under various category –   Equity funding :  In India apart from traditional funding avenues from friends and close associates, there is growing[…]

Accounting primer and IFRS

  Accounting and International Financial Reporting Standards   INTRODUCTION TO ACCOUNTING Accounting involves recording, classifying and summarizing of financial transactions and then interpreting and communicating the results thereof. Though some crude form of accounting existed for thousands of years, modern accounting has largely evolved during the past few hundred years. Sole proprietorship, partnership and the[…]

Co_operative sector issues

  Taxation of Cooperative Societies A cooperative society means, a society registered or deemed to be registered under any law relating to cooperative societies for the time being in force in any State or under the Central act. Cooperative societies may be governed by the respective State cooperative societies Act or by the Multi-State Cooperative[…]

Circular

CIRCULAR TO CLIENTS   Hearty Greetings from Ganesh Prasad to all our Valued Clients   We are glad to issue this Circular to enlighten you in different aspects to be taken note of by you while running your business or profession and at the time of annual accounts closing.   Particulars Applicable For Individuals And[…]